Are you always on the hunt for new marketing strategies? Are you looking for fresh ways to boost your brand and create loyal customers?
There are a million ways to do this. But one of the most rewarding is with challenge coins. Challenge coins are an affordable way to create something valuable that your customers are going to want to hold onto.
And when customers hold onto things with your business name on them, you can be sure that you will remain top of mind, keeping them coming back for more.
So what are some challenge coin ideas for you to start out this strategy with? From creating limited-edition collectibles for your customers to covet to creating a rewards program for customers who complete certain tasks, there’s no limit to how you can use unique challenge coins in your business.
Keep reading to find out how to put these coins to work for you.
Why Challenge Coins Are a Great Business Strategy
So what is a challenge coin in the first place? These small, metal coins come with custom designs on them. They’ve been used for decades in areas like the military, government, police force, and in non-profit organizations.
A challenge coin can be created for specific reasons, which denotes membership, affiliation, or accomplishment.
For example, in the military, a general might give a particular coin to members of a squad who completed a certain mission or graduated from a difficult training program.
While the coin isn’t valuable in and of itself, it’s treasured due to the fact that a high-ranking official presented it to the recipient.
In the non-profit world, coins are often given to loyal members who donate, volunteer, or attend meetings. These coins represent the membership to this group, and only certain people receive the coin.
So why are these coins a good investment for your business? In one way, they are a branding strategy. Anything with your brand name on it, that goes out into the world, will spread the news about your company. It’s similar to using stickers, t-shirts, magnets, and pens.
Except coins have perceived value and people are likely to hold onto them for a long time. Plus, coins are supposed to be created in limited batches. So instead of producing thousands of the same coin, you can produce a few hundred of one design and retire that design. Then move on to another design.
This way, you create demand, as coins become collectibles. So these coins become prized possessions of the loyal customers who collect them, and they are also coveted by those who don’t have them, piquing interest your company by outsiders.
Challenge Coin Ideas for Businesses
So what are some challenge coin ideas to get you going? You could implement a rewards program.
This is sort of like gamification, which is the process of making your business feel like a game, complete with tasks and achievements for your customers to complete. When they make progress on these tasks, they earn rewards, some of which can be limited-edition challenge coins.
What sort of tasks could be a part of your rewards program? Anything that engages customers and encourages repeat business.
Tasks could include simple things such as joining an email list and following on social media. Or it could be things that cost them something, such as signing up for a monthly subscription service or recurring membership.
It could mean placing certain sized orders or purchasing certain products. And it can include referring new customers to your business as well.
You can also weave in other fun components like volunteering alongside your company through a local charity program, or donating to one of your partner organizations.
All of these tasks can have some sort of rewards such as discounts and swag, with one of the most important being a challenge coin.
But a rewards program isn’t the only way to use challenge coins for your business. You could simply run a new design every few months, and offer the coin for sale.
Then, your most loyal customers are likely to purchase each new coin that comes out, ensuring that they can complete their entire collection.
With each coin purchase, these customers will deepen their loyalty to your brand, expressing their commitment to your company and the products and services you offer.
How to Get Started With Challenge Coins
Wondering how to make challenge coins so you can start enjoying the buzz between your customers and the coins? Getting started is pretty easy to do.
The first thing you need to do is choose a coin company to work with. There are many out there, but the best challenge coin company will make the process as easy as possible for you.
That means that they will have designers on their staff that will produce the artwork for you, so you don’t have to commission a designer separately. Most offer the artwork, along with multiple revisions, free of charge.
Secondly, consider a coin that offers various coin designs and styles. There is so much variation available when it comes to producing coins, so choose a company that offers this variety.
Also, check their pricing. They should be able to provide price breaks on certain sized orders. Obviously, with smaller orders, such as 50 or 100, you can expect to pay more per coin. But with each price break, savings per coin increases quite a bit.
And don’t forget to factor in mold costs and shipping. Producing a mold for your coin is often a hidden expense, which you might not see until your order has started. This shouldn’t be more than $50 or so.
Shipping on a batch of coins should be free, and some companies will even send it overnight free of charge. Choose your coin producer wisely.
Show Off Those New Coins
Now that you have some challenge coin ideas in your arsenal, it’s time to craft your first batch of coins so you can start rewarding your favorite customers. And if you plan to display and sell coins in your store, be sure to research some challenge coin display ideas as well.
A good display can create more interest and demand for your coins.
Looking for more tips like this? Head over to our blog where you’ll find other helpful articles.
